According to registration records discovered by Zapkey.com, family members and allies of D’Mart founder Radhakrishna Damani have purchased up to 28 housing units in Mumbai for a total of Rs 1,238 crore, making it one of the largest real estate deals in the nation. This occurs shortly after a provision in the 2023 Budget that was previously disclosed and was anticipated to have an effect on the sale of ultra-luxury houses starting on April 1. Reinvestment of capital gains from the sale of long-term assets, including real estate, is limited to Rs 10 crore. This cap is not currently in effect.
The paperwork revealed that several of the properties were also purchased in the name of corporations. One of India’s leading retailers, his employees, and businesses purchased 1,82,084 square feet of carpet in total, including 101 parking spaces. On February 3, 2023, all transactions were registered. The purchasers have acquired apartments in Three Sixty West’s Tower B, which is situated on Annie Besant Road in Worli, Mumbai. The project’s redevelopment was co-financed by builder Sudhakar Shetty and property developer Vikas Oberoi. These residences typically cost between Rs 40 and 50 crore and feature carpet areas of 5,000 square feet.
Skylark Buildcon, a partner in this project and owned by Sudhakar Shetty, obtained a loan from DHFL in 2019 for Rs 1,000 crore with a 72-month term and a 14.22 per cent interest rate. According to information provided by Propstack, units in Oberoi 360 West were given as collateral. According to Sandeep Reddy, founder of Zapkey.com, “We can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in.”
D’Mart founder RadhaKishan Damani also made seven real estate purchases totaling Rs 400 crore during Covid
According to a regulatory statement made on February 4 by Mumbai-based Oberoi Realty, its shareholders had approved the purchase or acquisition of residential properties in the Oasis Realty-built property Three Sixty West for up to Rs 4,000 crore in December 2022. It also stated that it was a significantly related party transaction.
According to Oberoi Realty, the project’s residential premises have been acquired or purchased by the firm. The business claimed to have acquired 5,23,039 square feet of carpet in total. There were 63 units purchased in total, and the business spent a total of Rs 3,403 crore as consideration. “Consequently, the company has also recovered its entire funding towards construction cost and other deposits, as well as its share of profit, from Oasis Realty,” it said in a regulatory filing. For all sales that will take place over the next three years, the stamp duty for the acquisition of the units will be available for offset to the subsequent buyer of such apartments, it added.
As per to the documents accessed by the real estate data and analytics company Propstack, Radhakishan Damani’s D’Mart also made seven real estate purchases totaling Rs 400 crore during Covid. D’Mart has purchased buildings in cities including Mumbai, Hyderabad, Pune, and Bengaluru. The company operates across 11 states and one union territory. Instead of leasing properties, the store usually buys them.